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Kuwait renews US$ 3.7bln-worth crude oil contracts with Indian companies
May 6, 2014, 5:38 pm

The state-owned Kuwait Petroleum Corporation (KPC) has renewed two crude oil supply contracts with India's Bharat Petroleum Corporation Ltd (BPCL) and Bharat Oman Refineries Ltd (BORL) with a total value of US$ 3.7 billion.

In a press statement issued Tuesday, KPC described the contract signing as "a positive move" that would help increase bilateral trade exchange and Kuwait's quota of India's oil market.

It added that the three sides have also discussed prospects of future cooperation.
There are intentions to increase the exported volume by 50,000 barrels per day as of 2015, the statement said.
It noted that the BPCL and BORL are among the biggest oil refining companies in India, with a total combined refining capacity of up to 670,000 barrels per day. 

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